Bank of Ireland Group is a commercial bank operation in Ireland.
AIB overcame the cashless branches debacle to grind out an improved set of half-year results, but a deteriorating economic outlook threatens to make the going much rougher for Ireland’s second-largest bank. Pre-tax profits jumped by almost 85pc to €537m at AIB in the first six months of 2022. However, these results were flattered by a trebling in the write-back of previous bad debt charges from €103m in the first half of 2021 to €309m this time out.
Bank of Ireland chief executive Francesca McDonagh is heading into the unknown after Credit Suisse replaced its embattled CEO after the bank posted a larger-than-anticipated loss of $1.65bn (€1.63bn) for the second quarter.
After months of poring over spread sheets and financial projections, senior executives at Allied Irish Banks (AIB) finally signed off in recent weeks on a major component in its plans to implement cost savings of €230m by next year.
Allied Irish Bank’s announcement it intended to turn 70 branches into cashless ones caused panic and anger, and the decision has rightly been reversed. The one fell swoop scale of the plan should never have been contemplated in the first place.
A High Court judge has refused to grant summary judgment against the estate of the late professional golfer Christy O’Connor Jnr in a dispute over how much was achieved from a property sale to help pay off the estate’s debts.
Happy days are here again. Spring 2021 marked a historic breakthrough for Ireland’s native bankers. They could not believe their luck. Two foreign invaders — Ulster Bank, owned by the UK’s NatWest, and KBC bank from Belgium — pulled out within weeks. It was back to the good old days of a duopoly. AIB and Bank of Ireland licked their lips; they would rule the waves again. Permanent TSB would remain an irritant, but the Big Two would return to market domination.
This has been a bad year for stocks. The Iseq index of Irish shares is in a bear market, having fallen more than 20pc this year as investors react to persistent inflation, an energy shock and supply chain disruption in the global economy.
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